Filing Flows › Upwork (UPWK) › Q2 2025
Upwork (UPWK) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Upwork (UPWK) reported revenue of $195M for the second quarter 2025 (Q2 2025), +0.9% from a year earlier and +1% from the quarter before. Operating margin was 16.7%, net earnings $32.7M (16.8% of revenue).
Upwork, Q2 2025: revenue $195M (+0.9% year over year), operating margin 16.7%, net earnings $32.7M, operating cash flow $72.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $195M | +1% | +0.9% |
| Gross profit | $152M | +0.4% | +1% |
| Operating profit | $32.6M | -16% | +83% |
| Net earnings | $32.7M | -13% | +47% |
| Operating cash flow | $72.5M | +96% | +85% |
| Free cash flow | $65.6M | — | +85% |
What changed
Revenue was $194.9M in Q2 2025, up 1% year over year and up 1% from the previous quarter. Marketplace was the largest line at 88% of revenue. Marketplace added $3.9M year over year (up 2%), 214% of the total change. Enterprise declined 8%.
Gross margin was 77.7%, up 0.4 points from a year earlier. Operating profit was $32.6M, a 16.7% margin (up 7.5 points year over year). Of the extra revenue versus a year earlier, 817% reached operating profit, above the 9% margin then. Operating expenses fell 10% while revenue rose 1%. The fastest-growing cost line was General & admin (+19%). Net earnings were $32.7M, up 47% year over year. The effective tax rate was 14.9%.
Operating cash flow was $72.5M (up 85% year over year), 222% of net earnings. Non-cash charges added back $5.9M of depreciation and amortization and $16.0M of share-based compensation. Working capital and other items added $17.9M. After purchases of property, plant & equipment and cash outflows from internally developed software ($6.9M), free cash flow as the company reports it was $65.6M.
Questions
What was Upwork's revenue in the second quarter 2025?
Upwork (UPWK) reported revenue of $195M for the second quarter 2025 (Q2 2025), +0.9% from a year earlier and +1% from the quarter before.
Was Upwork profitable in the second quarter 2025?
Operating profit was $32.6M (16.7% of revenue) and net earnings $32.7M.
Source: Upwork 10-Q on SEC EDGAR.